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Haurlan Index

by bug man, 5326 days ago
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Developed by P.N. Haurlan, the Haurlan Index is a market breadth indicator with three components. The first one, the short-term component, calculates the 3-bar exponential moving average of the number of advancing stocks on the New York Stock Exchange minus the number of declining stocks on the same exchange.
The intermediate term component is a 20-bar exponential moving average of the difference between the number of advancing stocks (advance issues) and the number of declining stocks (decline issues)
The long-term component is a 200-bar exponential moving average of the difference between the number of advancing issues and the number of declining issues.

The advance/decline data for the NYSE, as well as for the American Stock Exchange and the NASDAQ, can be downloaded by the following item: Advance-Decline-Unchanged issues for NYSE, AMEX and NASDAQ.

The Haurlan Index is interpreted as follows:
The long-term part of the indicator is used to detect the market trend
The intermediate term component role is to confirm support and resistance breaks.
The short-term component generates buy/sell and short/cover signals. It tells us to buy the market when its value becomes higher than 100; and to sell it when this value becomes lower than -150. At this point, the trader should short the market and wait until the indicator reaches 100 to cover its position.

The Haurlan Index function returns the exponential moving average (EMA) of the net advance/decline difference. The parameter, it accepts, defines the lookback period to use for the EMA.

The first component is calculated as follows:
Plot(Haurlan(3),"Short Term Haurlan Index",colorBlack,chartLine,StyleSymbolNone);

The intermediate term component:
Plot(Haurlan(20),"Short Term Haurlan Index",colorBlack,chartLine,StyleSymbolNone);

The long term component:
Plot(Haurlan(200),"Short Term Haurlan Index",colorBlack,chartLine,styleOwnScale|StyleWidth4);


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Type: Trading Indicator

Object ID: 400


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